• Georgia allows up to $10,000 for a Homestead Exemption.Georgia state contour with Capital City against blurred USA flag image by Stasys Eidiejus from Fotolia.com
  
  Bankruptcy exemptions generally apply to Chapter 7 bankruptcies because in those proceedings assets are liquidated to pay creditors. Exemptions are the protected assets not considered a part of the bankruptcy estate. In many cases, using the exemptions creates a no-asset case, which means there are no assets to liquidate. Although the Congress and the U.S. Bankruptcy Court dictate bankruptcy laws, states can create their own exemptions, which Georgia has done.
  
  

Homestead Exemption

• This includes real or personal property that is used as a residence. In Georgia, the first $10,000 is exempt, but for a married couple filing jointly the homestead exemption is doubled to $20,000.
  
  

Personal Property

• Items such as TV's, appliances, clothing and furniture are exempted up to a collective value of $5,000, but no item can be valued at more than $300. Jewelry worth up to $500 may be exempted, along with burial plots, personal injury cash recoveries up to $10,000, and any unused homestead exemption amount up to $5,000.
  
  

Automobile

• Georgia law allows an exemption of up to $3,500 for a personal automobile. An individual with a car worth $15,000 but who still owes $13,000 on it would have $2,000 in protected equity. If the car were later to be sold in the bankruptcy estate, the individual would receive $2,000 from the sale.
  
  

Public Benefits

• Anyone receiving aid to the blind or disabled, crime victims compensation, Social Security, workers' compensation, veterans benefits, local public assistance or unemployment compensation would be allowed to exempt those benefits.
  
  

Pensions and Retirement Accounts

• Pensions, in general, are protected under Georgia's Chapter 7 exemptions. Judges also have ruled that 401(k) and traditional IRA's up to $1.095 million per person fall within the protections.
  
  

Other Exemptions

• Among the other protected assets are insurance benefits and tools of one's trade worth up to $500. Alimony and child support would also be exempted.